Michael Jordan, the iconic basketball player and esteemed owner of the Charlotte Hornets, has reached an agreement to sell his majority stake in the NBA team to a consortium of investors led by Gabe Plotkin and Rick Schnall. The impending deal, which values the team at a remarkable $3 billion, is anticipated to be finalized in the upcoming months, subject to the approval of the NBA Board of Governors. Following the sale, Jordan will retain a minority stake in the franchise.
In 2010, Jordan acquired the Hornets from Bob Johnson for $275 million, distinguishing himself as the sole Black owner in the NBA. However, he has encountered challenges in transforming the team into a formidable contender, with the Hornets making the playoffs only twice during his 13-season tenure. Last season, the team finished with a 33-49 record, marking their seventh consecutive year of missing the postseason.
Plotkin and Schnall, both accomplished hedge fund managers and existing minority owners of the Hornets since 2019 and 2015 respectively, spearhead the group of investors. Joining them are esteemed figures such as recording artists J. Cole and Eric Church, along with local businessmen from Charlotte. Expressing their enthusiasm, Plotkin and Schnall eagerly anticipate partnering with Jordan to further build upon his remarkable legacy.
“Michael Jordan is an unparalleled basketball icon and one of the most accomplished owners in the annals of sports. We are immensely privileged to collaborate with him and perpetuate his visionary aspirations for the Charlotte Hornets,” stated Plotkin and Schnall jointly. “Our dedication lies in bringing a championship to this city and its fervent fan base.”
